Former US President Donald Trump has announced a potential trade agreement with China, pending approval from Chinese leader Xi Jinping. The deal reportedly includes commitments for China to supply rare earth elements upfront and establishes reciprocal tariffs: 55% imposed by the US on Chinese imports and 10% by China on US goods.
This development could significantly benefit industries heavily reliant on rare earth materials, which are critical for electronics and technology manufacturing. Additionally, the agreement may facilitate increased admissions of Chinese students to US universities.
Despite broader market reactions to the trade news, the Bitcoin market has demonstrated notable resilience. Bitcoin is currently trading at approximately $109,438.70, reflecting a substantial 35.52% increase over the preceding 90 days.
Analysts suggest the potential agreement could stabilize global supply chains for critical materials essential for various technologies. Its finalization and implementation are also anticipated to influence future trade dynamics and diplomatic relations between the two economic superpowers.